Barriers Prioritization of the Indian Steel Industry Supply Chain: Applying AHP and Fuzzy AHP Method

This study seeks to identify possible key barriers in the supply chain of the Indian steel industry. Each of these hindrances has a significance in serving the store network and refining the economy of India. The study is a mix of theoretical and useful structures, which would zero in on those critical barriers in the steel supply chain. It includes a theoretical examination of the barriers in the Indian steel industry and ranking of these barriers using multicriteria methods, that is, analytical hierarchical process (AHP) and fuzzy analytical hierarchical process (FAHP) approaches. The main finding is the identification of key barriers in the Indian steel industry supply chain and prioritizing them according to the severity of their impact. Eleven potential key barriers have been considered in the study for analysis. There can be more barriers in the Indian steel industry. This study exposes the application of both methods, that is, AHP and FAHP, for ranking identified barriers.

Análise de riscos de projetos: Combinando métodos multicritério / Project risk analysis: Combining multicriteria methods

Este artigo é uma versão de um trabalho publicado originalmente no simpósio brasileiro de pesquisa operacional (SBPO). O objetivo deste artigo é apresentar uma aplicação multicritério em uma questão central na análise de riscos: a priorização. Para isso, utilizou-se como metodologia a modelagem e simulação da aplicação combinada de 2 ferramentas multicritério nos dados de um projeto real. As ferramentas multicritério utilizadas foram: Elimination Et Choix Traduisant la Réalité (ELECTRE-Tri) para a classificação; e, Analytic Hierarchy Process (AHP) para a priorização. Nesse estudo, o resultado da aplicação das ferramentas multicritério foi comparado com o resultado real do projeto obtido pela aplicação da metodologia Project Management Institute (PMI). Como conclusão, observa-se que a abordagem multicritério teve um resultado similar ao PMI. Assim, sugere-se que a priorização de riscos do projeto, que é concebida sob uma lógica qualitativa pelo PMI, possa ser aparamentada de métodos multicritérios que apóiem a tomada de decisão. Nesse sentido, o artigo traz, como principal contribuição, uma proposta de modelo para a priorização de riscos de projetos.

Intuitionistic Fuzzy TOPSIS as a Method for Assessing Socioeconomic Phenomena on the Basis of Survey Data

In the assessment of most complex socioeconomic phenomena with the use of multicriteria methods, continuous data are used, the source of which are most often public statistics. However, there are complex phenomena such as quality of life and quality of services in the assessment, for which questionnaire surveys and ordinal measurement scales are used. In this case, the use of classic multicriteria methods is very difficult, taking into account the way of presenting this type of data by official statistics, as well as their permissible transformations and arithmetic operations. Therefore, the main purpose of this study was the presentation of a novel framework which can be applied for assessing socioeconomic phenomena on the basis of survey data. It was assumed that the object assessments may contain positive or negative opinions and an element of uncertainty expressed in the form a “no”, “difficult to say”, or “no opinion” answers. For this reason, the intuitionistic fuzzy TOPSIS (IF-TOPSIS) method is proposed. To demonstrate the potential of this solution, the results of measuring the subjective quality of life of the inhabitants of 83 cities in EU countries, EFTA countries, the UK, the Western Balkans, and Turkey are presented. For most cities, a high level of subjective quality of life was observed using the proposed approach. The highest level of quality of life was observed in Zurich, whereas the lowest was observed in Palermo.

The Application of WSM, WPM and WASPAS Multicriteria Methods for Optimum Operating Conditions Selection in Machining Operations

Optimal condition selection in machining operations is an imperative decision for the process engineer as it influences improved tool life and surface roughness values. As the aluminium market is extremely competitive, process engineers strive to understand what to do to gain preference from prospective customers. From this viewpoint, the criteria responsible for operating decisions should be examined. In this paper the WSM, WPM and WASPAS multicriteria methods are proposed for optimal machining conditions for turned aluminium bars. A stepwise methodology of the WSM, WPM and WASPAS methods is detailed. The proposed technique was tested on published data regarding the turning of an aluminium bar, machined on a lathe machine. The case study consists of three input parameters (spindle speed, feed rate and depth of cut) and four responses (cutting temperature, cutting force, surface roughness and material removal rate). After analysing the experimental data using the models, the entropy method chose material removal rate was chosen as the best. Using the three other models, the best selection was run 17 which correspond to an input parameter of 605 rpm spindle speed, 0.12 mm/rev feed rate and 1.8 mm depth of cut. This article offers a completely new approach to operating condition selection in the turning of the aluminium bar. In the current aluminium market, it is extremely important to understand the operating conditions of the machine for enlarged customer patronage and sustainability. The unique feature of this approach is the elevated level of reliability it exhibits.

ASSORTMENT STRUCTURE OPTIMIZATION INDUSTRIAL ENTERPRISE BY THE ANALYTIC HIERARCHY PROCESS

The growth of competition puts new demands on enterprises, in particular to the range of products and its quality. Assortment policy is now one of the factors of enterprise competitiveness. All decisions related to the formation of assortment policy at the enterprise have a significant impact on the economic and competitive position of the enterprise. Therefore, the problems of analysis and optimization of the range of the enterprise, the formation of its assortment policy are the focus of researchers. At present, a significant number of methods of analysis and range management have been developed. The choice of a specific path in the formation of the assortment strategy is determined by many internal and external factors. The decision to be made should be the best in terms of increasing profits, increasing sales and reducing the complexity of manufacturing products. But decisions about changes in the range and the definition of the range strategy are made in conditions of uncertainty and risk. In such conditions, multicriteria methods that minimize risk and create a basis for making optimal management decisions are useful. Of great interest are multicriteria methods that can take into account criteria of different nature, both quantitative and qualitative. One of the most famous in the world and the most effective method used to solve multi-criteria decision-making problems is the analytic hierarchy process. The study was conducted in collaboration with a polymer film company. The article proposes the use of the analytic hierarchy process to decide on the need for further production of some types of film. Criteria for comparison of films and decision-making are defined, interrogation of experts is carried out. The practical results of the research are presented: the priorities of each type of film studied are determined. Recommendations are given to the management of the enterprise: what types of films should not be continued to be made. The results of the study demonstrate the possibility of improving the decision-making procedure for optimizing the product range.

Comparison of multicriteria decision-making methods in portfolio formation

Investors apply various methods to select stocks and construct an investment portfolio. In the majority of methods, the principle of diversification is relevant. Also, sometimes investors‘ behaviour generate biases related to portfolio formation. Multicriteria decision-making methods can overcome such shortcomings of investors' decision-making; thus, they are widely used for portfolio selection. In the performed research, the portfolio is constructed from the stocks of the Spanish stock market. Stocks are selected based on financial indicators. SAW and TOPSIS multicriteria methods are used to range the suitable stocks. Portfolio weights are proportionate to the obtained multicriteria rank. Characteristics of the final selected stocks are presented graphically. Expected portfolio return and risk are also described when comparing two portfolios. The results of the research prove that multicriteria decision-making methods are suitable for portfolio formation. However, such portfolios should be kept for a long time in order to receive a return.